Radio Radio, the first Acadian group to embark on “crypto art”

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Radio Radio, the first Acadian group to embark on “crypto art”

Some are tempted to imitate them, others hesitate. The attraction of the industry is still recent and raises many questions.

Radio Radio took advantage of the release of “Bitcoin Blowup” to launch its collection of non-fungible tokens.

Non-fungible tokens (JNF), called non-fungible tokens(NFT) in English, are entering the Acadian artistic sphere. The members of the Radio Radio group have just launched a collection of JNF and claim to be the first Acadian artists to have done so.

Acadian group Radio Radio officially launched its collection of non-fungible tokens in November.

Gabriel L. B. Malenfant, member of the duo, maintains that Radio Radio has always been on the lookout for new technologies to develop its community and promote its music.

“We wanted to get informed and start a conversation. We wanted to be a bit at the forefront and create a buzz.

— Gabriel L. B. Malenfant, member of Radio Radio

Radio Radio officially launched its collection of non-fungible tokens in November.

According to him, artists must find new ways to diversify their income.

With streaming platforms, [our income] is much lower than before, admits Gabriel L.B. Malenfant.

A token non-fungible (JNF) is designed to represent a single instance of a digital object, such as an image, music, or video. The token is not duplicated.

Token ownership history is preserved and publicly available using blockchain technology (blockchain). If you get a JNF, you have proof of possession of a digital object.

The concept of JNF isn't new, but it exploded in popularity in 2021, according to Jeff Yates, journalist for Décrypteurs, at Radio-Canada.

He claims that a lot of artists have started getting interested in non-fungible tokens. This is another way to generate money with your audience. It is an object that is unique. For others, the mere fact of owning a digital object associated with an artist is interesting.

“It grew into a market worth hundreds of millions of dollars, but it's faded a bit since then. […] Transactions on the largest non-fungible token platforms are down 80% to 90%.

—Jeff Yates, Decryptors Reporter

The recent decline in JNF transactions is part of a broader context, namely that of the fall in the value of cryptocurrencies last May. To dive into the world of non-fungible tokens, you usually need to own cryptocurrency.

Most JNFs live on the Ethereum ecosystem. To buy or create JNF on this platform, you must use the ether cryptocurrency, specifies Jeff Yates.

Jeff Yates, journalist for Les Décrypteurs, at Radio-Canada.

Radio Radio offers three different JNFs, priced between $500 and $11,000. They must be purchased with the ether cryptocurrency.

Each JNF in the group represents a digital visual work, but also offers a concrete experience or work.

For example, with the purchase of the gold-level JNF, Radio Radio agrees to write a song on behalf of the owner and offer him the copyright.

The Radio Radio group is committed to writing an original song in the name of the person who will buy the JNF “gold” level from the Acadian group.

Mathieu Léger, a visual artist originally from New Brunswick, is one of the Acadian artists who are perplexed by the use of JNFs to sell their works.

All this digital traffic there, I find It's complex, he readily admits.

“Everyone gets into this, but it's very volatile. »

— Mathieu Léger, visual artist

Mathieu Léger says that various Canadian artist-serving organizations already offer workshops on digital and JNF.

It is possible that artists could put more money in their pockets by selling non-fungible tokens, he says, noting that this trend is very young.

Mathieu Léger is a visual artist from New Brunswick.

He does not say he is closed to the idea of ​​​​one day embarking on the creation of non-fungible tokens, provided that the market stabilizes. For now, the risk is too high, argues the artist.

And Mathieu Léger still wants a more tangible form of art.

“I like to make concrete works that people can hang in their living room, without turning on a computer or a television. »

— Mathieu Léger, visual artist

Creating and selling digital goods is not without challenges. Non-fungible tokens can be vulnerable to theft and phishing. Some have already been tricked into buying a fraudulent digital work.

The JNF sector is also known to be very energy intensive. Users validate their transactions in particular using the proof of work, or proof of work.

This computer calculation, at the heart of blockchain technology, consumes a very large amount of electricity.

One ​​of the largest trading platforms, Ethereum, however, reduced its environmental impact by about 99% last September, explains Jeff Yates.

However, the cryptocurrency sector remains extremely polluting, he says. Bitcoin generates as much pollution as some countries.

Gabriel Malenfant, from Radio Radio

Radio Radio Group says it offsets the carbon footprint caused by its non-fungible token and cryptocurrency business through a program.

Gabriel L. B. Malenfant is aware that to obtain one of Radio Radio's non-fungible tokens, you have to invest a fairly considerable amount of money.

We don't have big expectations, he says. Those who will board with us, we know that they are fans.

There will be ups and downs. But the technology is here to stay, argues Gabriel L.B. Malenfant, already convinced.

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